On Thursday morning, Reps. Tulsi Gabbard (D-HI) and Don Young (R-AK) introduced what they called a “landmark” piece of legislation, the Ending Federal Marijuana Prohibition Act of 2019. Only Three months in, 2019 has already been an exciting year for the marijuana industry. The number of supporters towards legalization is at record highs and there had been an increasing number of politicians advocating for drug reform as well.
In a press conference, Gabbard, said the bill would remove marijuana from the federal Controlled Substances list, thereby allowing states to set up their own laws regulating the substance. In his statement, Young focused on the fact that federal drug laws penalize those who own and operate legal marijuana businesses, who are generally barred from opening bank accounts or receiving loans.
This has not been confirmed but would be very good news for cannabis companies.